The Ark Development announced the start of its business in Egypt's real estate market with investments of up to EGP 30bn and the support of a number of entities and major economic institutions. The Ark Development was co-founded by Organi Group, Al-Safi Group, Arabella Group, and Abdul Maqsoud Group, which are economic entities with significant and diverse expertise in many investment and development fields, including real estate, construction, technology, pharmaceuticals, hospitality, automobiles. Osama Abu Alam — CEO of The Ark Development — stated: "The Egyptian real estate market is full of many promising opportunities, as it is witnessing an increasing growth and a significant construction boom, making it one of the most important, strategic sectors that contribute to the overall national income." Additionally, he noted that the company has carried out many studies to identify the needs and aspirations of Egyptian customers, which, according to him, gave the company the ability to provide innovative projects that comply with international specifications. He explained that the company's first project is situated in the Fifth Settlement, New Cairo, saying: "We are confident that we have the capabilities to present integrated projects that enjoy all the ingredients that contribute to its continuity and growth, so that we have a special imprint in this vibrant and bustling region." Abu Alam also pointed out that the company is embracing a strategy that aims to reinforce the Egyptian real estate sector, which they are keen on fostering via distinct business models of real estate projects. The Ark Development is targeting to invest about EGP 30bn in the company's first project in the Fifth Settlement. The Ark Development focuses on developing and building integrated projects the are mix-use, ranging between residential, administrative, commercial, and hospitality in vital locations with the aim of offering a unique experience to its customers, in addition to creating an integrated environment that combines the quality of design with nature and provides comprehensive services that meet all requirements. Furthermore, The Ark Development is located on an area of 92 feddans in a prime location in the Fifth Settlement — at the intersection of Mohamed Naguib Axis. It is an integrated project, as it includes a commercial area, a residential neighbourhood, a cultural and entertainment centre, a central park, and hotels.
